Today, Explained
Who can fix 150% inflation?
Nov 15, 2023
Ana Lankes, Latin America correspondent for The Economist, dives into Argentina's alarming inflation crisis at 143%. She discusses the upcoming presidential runoff featuring Peronist insider Sergio Massa and the radical economist Javier Milei. Lankes explains how economic woes shape voter sentiment, highlighting Milei's anarcho-capitalism appeal and flamboyant style that captivates younger voters. The complexities of governance amid rampant inflation and deep-seated political challenges are also examined, painting a vivid picture of Argentina's uncertain future.
25:54
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Quick takeaways
- Argentina is facing economic challenges beyond inflation, such as multiple exchange rates and a dual monetary system.
- Javier Millet's appeal lies in his aggressive rhetoric against politicians and his promise to bring change to the country.
Deep dives
The Impact of Inflation in Argentina
Inflation in Argentina has reached 143%, resulting in rapidly changing prices and a decline in the value of the peso. The country is facing economic challenges beyond inflation, such as multiple exchange rates and a dual monetary system. This has led to an increase in bartering and a lack of trust in the local currency. The government has made short-term fixes, but has not tackled the underlying economic problems. Peronism, a movement with a strong support base in Argentina, has played a significant role in the election of Sergio Masa, the current economy minister. Despite the economic crisis, Masa's popularity is driven by the organized peronist movement and his ability to mobilize support.
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